The Head of Pirate Party of Sweden: Cryptocurrencies Will Strongly Influence the Future of Our Society

November 22, 2017

The Head of Pirate Party of Sweden: Cryptocurrencies Will Strongly Influence the Future of Our Society

Can bitcoin cause a 'radical financial revolution'? Not so long ago Rick Falkvinge, a Swedish entrepreneur and founder of the world's first Pirate Party, expressed his point of view on this issue in an interview to RT.

First, Falkvinge stated that 'bitcoin is now making rich those who have invested in it at an early stage'

"Everyone who was once a poor man and invested in bitcoin became a millionaire. The year 1850 was the last time this happened, to those who found oil," he said.

In addition, he said that cryptocurrencies 'will have a great impact on the future of our society, because they will get only better'.

Besides, the entrepreneur believes that this technology will cause great consequences for capitalism and technical innovation.

"When I buy a bottle of water, I pay for it with a credit card on which the bank's logo is printed. The bank seems to give me permission to buy this bottle. One thought of this makes me terrified, because the bank, at will, can also forbid me to buy water. With bitcoin, this won’t happen. No one must give any permission in the background. No one can refuse to conduct transactions. No money can be forced. No money can be withdrawn. That's why governments see a threat in the bitcoin”.

Back in 2011, Falkvinge predicted a sharp increase of the bitcoin exchange rate. Now, he is still confident about its further growth, saying that 'if the cryptocurrency will keep its promise, and there is no sign that this will not happen, soon one bitcoin will cost in the range of 2 to 5 million dollars'. He also added that 'would be inappropriate to compare it with the dollar, because by that time the dollar would have lost its value'.

It should be underlined, when Falkvinge was asked what kinds of bitcoin drawbacks he could name, he said that 'cryptocurrencies are too complicated, it’s not enough just to use them'.

Moreover, speaking of the Blockbuster, he compared the introduction of cryptology with the spread of electricity in the 1920s.

As for the problem with bitcoin anonymity, Falkvinge noted that it concerns all previously contributed money to a greater extent, because 'when making transactions, each bitcoin unit is traced throughout its entire process'.

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